Regulation .06 Eligible Uses and Costs.
Regulation .06 Eligible Uses and Costs.LinkCopy Citation
A.
Proceeds of loans may be used to finance the costs associated with the planning, development, acquisition, construction, reconstruction, rehabilitation, or improvement of a project, including, without limitation, the following:
(1)
Costs of appraisals and other necessary studies, including compaction tests, soil borings, market analysis studies, and construction cost estimates;
(2)
Architectural and engineering costs for design and supervision;
(3)
Acquisition of land and improvements, and site preparation;
(4)
Costs of bonds, permits, and fees;
(5)
Indemnity and surety bonds;
(6)
Carrying costs during construction including construction interest, real estate taxes, and property insurance;
(7)
Financing fees and charges imposed by the Administration;
(8)
Legal, processing, packaging, and marketing fees and charges;
(9)
The costs of surveys, title examinations, and title insurance; and
(10)
Other costs authorized by Housing and Community Development Article, §4-201(e), Annotated Code of Maryland, and acceptable to the Administration.
B.
Program funds may also be used for loans to:
(1)
Purchase existing or completed projects;
(2)
Refinance a project; and
(3)
Pay closing costs for loans.